老师请讲解一下下面这一题,谢谢!我认为答案并不是很正确,您觉得呢?
Menlo Bank recently released a report on the coffee market. Brown shares the key
conclusion from the report with Musicale: “The coffee market had a global harvest that
was greater than expected. Despite the large harvest, coffee futures trading activity is
balanced between producers and consumers. This balanced condition is not expected
to change over the next year.
Based on the key conclusion from the Menlo Bank coffee market report, the
shape of the coffee futures curve in Exhibit 2 is most consistent with the:
A insurance theory.
B theory of storage.
C hedging pressure hypothesis.
B is correct. The theory of storage focuses on the level of commodity inventories and the state of supply and demand. A commodity that is regularly stored
should have a higher price in the future (contango) to account for those storage
costs. Because coffee is a commodity that requires storage, its higher future
price is consistent with the theory of storage.